A new acoustic transducer and measurement method have been developed for precise measurements of surface wave velocity. This technique is used to investigate the acoustoelastic effect of surface waves in polymethylmethacrylate (PMMA). The transducer utilizes two miniature conical PZT elements for surface wave transmitter and receiver, and hence can be viewed as a point-source/point-receiver (PS/PR) surface wave transducer. Surface waves are excited and detected with the PZT elements and the surface wave velocity can be accurately determined over a small measurement area. Improvement has been made so that the transducer can be used for both conductive and non-conductive materials. The transducer is then applied to measure the acoustoelastic effect of surface wave in a PMMA specimen. The acoustoelastic coefficients are experimental determined.